Imperial Credit Mortgage to Sell Shares
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SANTA ANA HEIGHTS — Imperial Credit Mortgage Holdings Inc. said it plans to sell 2.5 million shares of common stock to generate funds for its investment and lending operations.
The company, a real estate investment trust, expects the stock sale to raise about $51.8 million, based on a share price of $22.25, according to documents filed with the Securities and Exchange Commission. The stock, which has almost doubled in price since last December, closed Friday at $22.125, down 12.5 cents, in Nasdaq trading.
PaineWebber Inc. and Oppenheimer & Co. Inc. are slated to lead the underwriting group for the stock sale. Imperial Credit will have 9.27 million shares outstanding after the offering.
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